Dave worked at the same company for 22 years. On his last day they gave him a cake, a nylon duffel bag with the logo on it, and a handshake.
Two weeks later he logged into his 401(k) and saw $418,000.
He thought: I'm rich.
He was not rich. He was holding a number that had three different owners attached to it, a countdown clock he didn't know about, and a $19,000 landmine buried in the fine print.
Dave made one phone call, moved the whole thing to an IRA because a guy at a barbecue told him IRAs have "more options," and accidentally locked himself out of his own money for four years.
Here is the thing almost nobody tells you when you walk out of a job: the moment your employment ends, your 401(k) quietly changes from a savings account into a decision.
And most people make that decision in about eleven minutes, on a website, while distracted.
Let's slow it down.